Public Lecture on RIBA Awareness Campaign

As part of its commitments and striving efforts of focusing on Community Development Program – ‘bringing Learning Culture from Classrooms to Communities’, University College of Bahrain (UCB) and the Indonesian Community in Bahrain (PERKIBAR), on 23rd of December 2015, had jointly initiated the first of a series of public lecture on RIBA Awareness Campaign amongst Nusantara people living in Bahrain such as Indonesians, Malaysians, Singaporeans and Bruneians. It was highly appreciated by H.E. Shaikha Saeeda binti AbdulRahman AlKhalifa who had attended and extended warmest welcome to dignitaries such as H.E. Ambassador of Indonesia – Mr. Chilman Arisman and spouse; Chargé d'affaires of Brunei Darussalam Embassy – Tuan Hajji Johari Hashim; Representatives of Indonesia Financial Service Authority – Dr. Dhani Gunawan & Dr. Setiawan Budi; CEO of CIMB Middle East – Tuan Hajji Suryono Danor and spouse; and Deputy Secretary General of AAOIFI – Mr. Khairul Nizam.

The program was arranged by two young dynamic and energetic Faculty members of UCB, namely Mr. Imam Buchari as the president of PERKIBAR and Dr. Sutan Emir Hidayat as the Head of Business Administration and Humanities Department. As opening remarks, Dr. Sutan Emir extended his gratitude to UCB Management specifically H.E. Shaika Saeeda binti AbdulRahman AlKhalifa for her generosity and full support to this valuable program. He also emphasized on the importance of raising RIBA awareness amongst communities to spur higher market preference to Islamic Banking and Finance Market and Industry.

Meanwhile, there were four distinguished speakers who had shared their views and opinions. The first two speakers were from Financial Service Authority of Indonesia, namely Dr. Dhani Gunawan, Director of Directorate Islamic Banking and Research, Regulation, Development and Licencing, disclosed and explained the roadmap of Islamic Banking and Finance Industry in Indonesia as well as key challenges while Dr. Setiawan Budi, Deputy Director of Product development and education: Islamic Banking Department, elaborated RIBA and its issues from the perspective of Islamic Commercial Jurisprudence. Lastly, the other two speakers were from Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) namely Mr. Khairul Nizam, Deputy Secretary General, discussed the importance of standardization of Accounting and Shariah rules in Global Islamic Banking and Finance Industry while Assoc. Prof. Dr. Ugi Suharto from BIBF elaborated the implications of RIBA from macroeconomic perspective and its harmful consequences.

Eventually, the distinguished speakers were bombarded with many questions from audiences who really concerned about RIBA specifically in their daily financial matters.